Uzun Group Closes 20-Unit Multifamily Sale in Norfolk, VA | Marcus & Millichap

The Uzun Group at Marcus & Millichap has successfully closed the sale of Azalea Garden Apartments, a 20-unit multifamily property located at 3475 Azalea Garden Road in Norfolk, Virginia. This latest Norfolk multifamily transaction sold for $1,950,000, reflecting a 6.15% cap rate and a price per unit of $97,500 — solid metrics that continue to reflect strong investor appetite across the Hampton Roads multifamily market.

The deal moved quickly from the outset. The listing generated several competing offers within the first 30 days of marketing, a clear signal of sustained demand for well-located apartment buildings in the Norfolk, VA real estate investment market. Once under contract, the transaction closed in under 15 days — a notably fast turnaround for a 20-unit apartment complex of this size.

Adding to the significance of the closing, both the buyer and seller were repeat clients of the Uzun Group, underscoring the trust and long-term relationships the team has built within the Hampton Roads and broader Coastal Virginia investment community. The buyer also completed the acquisition as part of a 1031 exchange, a common strategy among multifamily investors looking to defer capital gains taxes while reinvesting proceeds from a prior sale into a new income-producing asset.

"We're grateful to have had the opportunity to close this deal with both the buyer and seller," said Altay Uzun. "We've now transacted with each of them more than once, and bringing two repeat clients together for a successful sale means a great deal to our team. It's a reminder of how thankful we are for the client relationships we've built."

Azalea Garden Apartments is another example of the efficient, high-demand execution the Uzun Group has become known for as a leading commercial real estate broker in Norfolk, VA. With strong offer activity right out of the gate and a streamlined path to closing, the transaction highlights both the strength of buyer demand for stabilized multifamily investment properties in the Tidewater region and the team's ability to deliver results for repeat clients on tight timelines.

The deal was led by Altay Uzun, alongside team members Justin Ferguson, Jack Carroll, Myles Lee, and Josh Bagley, who worked together to bring the transaction to a successful close.

Thinking about selling your apartment building in Virginia? The Uzun Group offers free multifamily property valuations for owners looking to understand their asset's current market value in today's Norfolk, VA apartment building sale environment.